EIA: U.S. oil exports hit 15-year high, Gulf Coast ports benefiting

U.S. crude oil exports in April reached their highest level in 15 years, according to new federal data, highlighting both exploding production in domestic shale plays such as the Eagle Ford and oil producers’ growing efforts to urge the federal government to loosen export restrictions.The United States exported 268,000 barrels of crude daily in April, according to the U.S. Energy Information Administration, which crunched the latest available federal data for its analysis, released today. Exports began a sharp incline at the start of 2013 and have topped 200,000 barrels daily in five of the past six months.Almost all of April’s crude oil exports went to to Canada. Under current law, the Commerce Department must approve export of crude, and it more likely to approve exports to Canada than to other international destinations.

via Energy Information Administration: U.S. oil exports hit 15-year high, Gulf Coast ports benefiting – Houston Business Journal.

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